Asked by Trap muzik Blossom on May 07, 2024
Verified
All else equal,when the supply curve shifts left,the producer surplus increases.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of the good that producers are willing to sell at that price.
Producer Surplus
The variance between what producers are prepared to take for a product or service and what they end up getting.
- Identify the differences between consumer surplus and producer surplus.
Verified Answer
KB
Kathryn BlackMay 07, 2024
Final Answer :
False
Explanation :
When the supply curve shifts left, the producer surplus decreases because producers are now willing to supply less at any given price.
Learning Objectives
- Identify the differences between consumer surplus and producer surplus.
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